Business News Wrap-Up

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Mon, 26 Feb 2018 - 03:35 GMT

A bitcoin (virtual currency) coin placed on Dollar banknotes, next to computer keyboard, is seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration

A bitcoin (virtual currency) coin placed on Dollar banknotes, next to computer keyboard, is seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration

Egypt to receive $2B from IMF after program review in June



Cairo will receive a $2 billion fourth tranche of its $12 billion loan from the International Monetary Fund’s (IMF) after concluding the program third review in June, an IMF regional director told Egypt Today.

EGX ends Monday on mixed note with LE 1.5B turnover



The Egyptian Exchange ended Monday’s trading session on a mixed note, amid Arab purchases and Egyptian and foreign selling.

The benchmark EGX30 slipped 0.09 percent, or 13.77 points, to end at 15,454 points.

Dollar exchange rate goes down at Egypt's major banks



The US dollar exchange rate went down during morning transactions at major banks on Monday.

The dollar price was down by two piasters recording LE 17.57 for buying and LE 17.67 for selling at the National Bank of Egypt.

Palm Hills profit up 19% in 2017, Pharos reiterates recommendation



Palm Hills Development Company’s (PHDC) announced that it achieved a 19.25 percent increase of its profits in 2017, driven by the rise of its revenues which pushed Pharos Research to reiterate its overweight recommendation based on the fair value (FV) of LE 5 per share.

Egypt's 1st 'On Board Computer' sees daylight



Senior architect at the Architecture Design Center in Japan's Hitachi Ltd. Mohamed Mahmoud Ibrahim announced that Egypt managed to manufacture its first "On Board Computer".

Egypt to announce IPOs timetable next week



Deputy Minister of Finance for Financial Policies Ahmed Kojak stated that the government targets to increase market capitalization from 20-21 percent of gross domestic product to 50-60 percent by issuing governmental companies in the Egyptian Exchange (EGX).

Egypt is ninth largest fish producer in world - expert



Egypt is the ninth largest fish producer in the world with a total production of 1.5 billion tons, Egyptian expert Mansour Matbouli said on Monday.

Egypt keens on creating economic partnership with Lebanon: Min.



The Egyptian government is keen on creating a real economic partnership with Lebanon, said Trade and Industry Minister Tarek Kabil Monday.

Egypt’s expenses record LE300.6 B in 4 months



Egypt’ expenses recorded LE 300.6 billion ($16.96 billion) in the first four months (from July to October) of the current fiscal year 2017/2018, according to a recent report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

Garhy displays economic progress with AmCham ‘Door Knock’



Minister of Finance Amr al-Garhy displayed the progress of the Egyptian economy in his meeting with "Door Knock" delegation members that was organized by the American Trade Chamber (AmCham) in Cairo.

CBE issues LE 2.2B in T-bonds Monday



The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 2.2 billion ($124.19 million) in treasury bond on Monday.

Egyptian-Saudi consortium to pump LE 3B in healthcare sector



An Egyptian-Saudi consortium launched the MENA Health Partners Company (MHP) to pump around LE 3 billion ($169.35 million) in establishing 4 hospitals in Egypt, according to Almal newspaper.

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